MarketInvoice, an online platform offering invoice funding for businesses, has reported its best ever quarter for funding to UK businesses.
Businesses seeking to avoid cashflow issues can use MarketInvoice to sell unpaid invoices to investors as a way to counter lengthy payment terms.
In the first quarter of 2017, the finance marketplace funded invoices worth a total £129.6m.
The value of the invoices funded jumped 160 per cent, from £81.1m in the first quarter last year to £129.6m in the first quarter of this year.
The fintech business started in 2011 and is based in London and Manchester. MarketInvoice is aiming towards funding £2bn of invoices. Its current cumulative total for invoices funded is £1.2bn, having funded over 70,000 invoices.
The government started lending to businesses on the platform in 2013 through the British Business Bank, providing more than £100m to small companies throughout the country.
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Anil Stocker, chief executive and co-founder of MarketInvoice, said that the group's performance was due to its "customer focused approach" and use of technology to help make business decisions.
Recently, the firm poached a senior manager from Santander UK to lead its risk team as part of a plan to develop artificial intelligence for its credit scoring system.
He said that more and more businesses were turning to the online platform so they could prioritise hiring staff, launching new products and paying their suppliers.